Besides, he said, the government is also planning to remove various conditionality and restrictions to make the foreign direct investment (FDI) policy more progressive and make the country an attractive investment destination.

"We are in close discussions with RBI. We have had a few discussions in the last few weeks and very shortly, based on mutual discussions between the Finance Ministry and RBI, the Reserve Bank will be putting out a draft paper for liberalisation of certain ECB norms," Das said while addressing an Assocham conference.

The liberalised ECB norms would be finalised after inviting comments from stakeholders, he said, adding the norms would be relaxed keeping in view the overall external position and monetary stability.

ECB has implications for monetary stability as it adds to the country's overall external debt and future repayment liability.